'Indeed we are hearing some people say we don’t trust the cloud [based electronic storage] and the best form of security to some is just putting the information on paper and storing it.'

This provides the backbone for a very healthy, high margin, dividend paying business that is growing at a net 5 per cent organically every year.

Not just that, once customers sign with Restore, they tend to stay put. This gives huge visibility of earnings.

The industry itself has reasonably high barriers of entry, while the dominant player, Iron Mountain, with about a third of the UK market, appears reluctant to compete on price.

'On the face of it ours is an unexciting business, but it is good margin giving a strong return on invested capital,' Skinner said.

'Net margins in the document management division are very high – in the order of 30 per cent.'

This was a business burdened with debt and on the brink of collapse when turnaround specialist Skinner joined in 2009. Since then it has moved from the recovery phase into all-out expansion mode.

In that time it has motored from near the back of the pack of the 10 or so mid-sized operators to number two; a distant number two it has to be said. It stores 6mln boxes in 17 locations, including a disused mine.

RESTORE AT A GLANCE

Ticker: RST

Value: £188million

Current price: 230p

Year high: 246p

Low: 133p

It has done this via mix of organic growth and acquisitions, snapping up the smaller independent players.

It has made 18 purchases in four years and has also added some breadth by offering shredding office relocation, scanning and secure IT asset disposal.

This broadening of the business will continue, Skinner said.

'We are clear, we like recurring revenues and businesses with the same channels to market we have. And they should be services the customer really doesn’t want to move.

'We do the stuff that is too fiddly and capital intensive for the traditional facilities managers to do.

'It is not about winning contracts, it is about acquiring customers. We are just interested in the UK service market. I think it is a really good space.'

Restore’s interims reveal the company is in rude financial health, with revenues up 24 per cent at £30.6milion and adjusted profits ahead 22 per cent at £5million. The pay-out was ramped up 33 per cent to 0.8p. 'We would expect our dividend to go up by more than our earnings,' Skinner said.

The broker Cenkos is predicting Restore will post pre-tax profits of £12million for the full-year, rising to £14.1million in 2105.

The Lazarus-like recovery from death’s door to the sound financial footing it finds itself in now is reflected by a share price that has risen more than 700% in the past four years.

The current share price of 230p values the business at 17.9 times 2014 earnings, which some investors might deem a little ‘toppy’, although that drops to 15.1 times in 2015.

Cenkos analyst Andrew Blain points out: 'Restore, as the number two player in document management and number one for office relocations, has strong positions in attractive markets and we support continued growth through acquisition.

'With near half our turnover forecast thought to be recurring revenue and strong organic growth we believe a premium valuation.'